Shanghai overtakes S'pore as world's busiest port

SHANGHAI said it overtook Singapore for the first time in 2010 to become the world's busiest container port, as the global economic recovery boosted cargo traffic through China's business centre.

Shanghai's port handled 29.05 million 20-foot equivalent units, or TEUs, in 2010 - 500,000 TEUs more than Singapore, the Shanghai government said in a statement.

Officials credited the economic recovery and Shanghai's six-month long World Expo with boosting the container and cargo traffic travelling through the port, the statement said.

China's cabinet has declared it wants Shanghai to move up the value chain and become a full-service world-class shipping centre by 2020, with shipping financing, reinsurance and arbitration services.

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